property 31
Permitted development rights: effects on commercial property market
Since the Government brought in the permitted development rights in May 2013 which, for an initial window of three years, allows office buildings to be converted into residential dwellings without the need for planning permission (subject to certain conditions being met), we have seen both the positive and negative impacts of this opportunity, writes Marcus Smith, associate, Vail Williams LLP
There has without doubt been scenarios whereby existing office stock has been sold in a variety of locations as a direct result of this legislation coming into effect. In many of those instances if this legislation had not been brought in, then perhaps they wouldn’t have sold as quickly, at all or at ‘best price’? This has certainly had the intended effect that the Government wanted and improved both the office and residential markets and the economy as a direct result of more spending.
If the same office buildings
had been sold to a commercial developer, then in most scenarios property consultants like us would have been retained to advise the new purchaser on disposal opportunities following either a refurbishment or extension to the existing build. This was exactly the case for Vail Williams recently in the following scenarios in central Reading.
During the latter half of 2014, Vail Williams successfully acquired two large town-centre office buildings for their retained clients, Croudace Properties. Both properties provide
Super-fast access, fibre and occupation at 329
Following a successful agency pitch at the end of 2014 on the newly refurbished offices at 329 Bracknell, Haslams Chartered Surveyors have been appointed alongside existing agents Page Hardy Harris
McKay Securities extensively remodelled and launched the superbly presented scheme in 2014 and now with 35% of the space let, there is no sign of demand slowing.
The property aims to serve a wide variety of occupier needs enabling it to appeal to a vast range of potential tenants. Located east of Reading, just beyond Wokingham and Winnersh, the property boasts the best parking ratio in Bracknell, a superfast fibre optic link and a range of suite sizes. Access straight off the A329(M) is ideal for those who are tired of the constant traffic congestion. The scheme also benefits from covered bike racks and a cycle path that runs from the entrance of the car park to the train station, located just a
10 minute ride away. The mainline train station connects directly to London Waterloo and Reading mainline station.
Sarah Naughton, from Haslams, describes the building as: “A new landmark for the area, providing contemporary office space of the highest quality. The space can be uniquely tailored to meet individual needs, and is unparalleled to anything else available in the market right now.”
Current tenants include Penny Matters, Caterpillar First Insurance, 3 Step Hawkeye Protection and MD Events. Tiffany Rogers is one of the owners of Logical Recruitment Partners a boutique- style sales and marketing agency. The latest addition to the tenant
THE BUSINESS MAGAZINE – THAMES VALLEY – MARCH 2015
role is pleased to have chosen 329: “The property works really well for our business. Not only is 329 a great place to work but it also projects the right image to our customers and enables us to accommodate our growth aspirations. McKay were great to deal with and our move into the property was swift and seamless”
Roger Reid, associate at Haslams, commented: “We are delighted to have been instructed on 329 and we look forward to helping McKay Securities add to the high calibre of tenants already in occupation. There is limited office space of this nature currently available and we are confident that 329 is such a unique product it will attract tenants. In particular the café and wi-fi lounge are sure to continue
being a big hit with tenants. I would also encourage potential tenants to try out the innovative space planning function on the website
www.329bracknell.com”
Office space at 329 is available from 200 sq ft to 3,000 sq ft. For further information contact the joint agents Haslams Chartered Surveyors and Page Hardy Harris.
Details: Sarah Naughton 0118-9211515
www.haslams.co.uk
scope for added value with refurbishment and extensions.
3 Queens Road was acquired in June and comprises a four-storey office building of 15,200 sq ft which has been completely refurbished and is due for completion this month. The completed product provides a Grade A specification that can be let either as a whole or on a floor-by- floor basis. It is centrally located within easy walking distance of the Oracle, the train station and has the added benefit of parking.
Centrium, 35-43 Greyfriars Road was acquired in September and comprises a three-storey office building of circa 10,000 sq ft but is currently considering various options to extend the property and add additional accommodation and value.
Both acquisitions highlight our belief and that of our clients in the strong Reading office occupational market, no doubt assisted by the Station Hill development, the £750 million train station refurbishment and the extension to and arrival of Crossrail in 2019.
It is comforting to know that there is still a very buoyant office market in prime locations like Reading.
For more information about Vail Williams LLP, visit the website.
Details: Marcus Smith 07879-434314
msmith@vailwilliams.com www.vailwilliams.com
www.businessmag.co.uk
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